U.S. Bank Failure Rate Continues to Slow
During the first quarter of 2012, the FDIC reports that a total 16 U.S. banks failed during the period January through March 2012. Compared to the same period in 2011, during which a total of 26 U.S. banks failed, the data shows the closure rate has dropped by almost 40%. In the first quarter of 2010 a total of 41 U.S. banks failed.
Of note in March 2012, Huntington National Bank acquired essentially all of the assets ($818.2 million) of failed Fidelity Bank in Dearborn, MI. Stearns Bank acquired the assets ($95.7 million) of Covenant Bank in Rock Spring, GA.